Author: News Desk

Unified Payments Interface (UPI), India’s indigenous payment system, has emerged as a frontrunner in the realm of digital payments since its inception in 2016. The exponential growth in UPI transactions reflects its widespread adoption not only in urban areas but also in semi-urban and rural regions, gradually replacing conventional cash transactions. This shift is exemplified by the remarkable surge in UPI transactions, skyrocketing from a modest 1.8 crore in FY 2016-17 to an astounding 8,375 crore in FY 2022-23. Recent data from fintech company PayNearby underscores the strong adoption of UPI across semi-urban and rural stores, with transactions growing by…

Amidst financial challenges, Byju’s, a leading edtech company, has seen its senior leadership stand firmly behind CEO and founder Byju Raveendran. In a united front, the entire leadership team, including India head Arjun Mohan and CFO Nitin Golani, expressed unwavering confidence in Raveendran’s leadership. “Certain investors, seeing the crisis we faced, saw it as an opportunity to conspire and demand the stepping down of our founder as the group CEO of Byju’s,” the company told employees in the note. “We are pained to see this action from a few of the investors who should have supported us in our fight…

In the latest TomTom Traffic Index, Bengaluru, the technological and startup hub of India, has retained its position as the country’s most congested city in 2023. This Dutch location technology specialist’s report reveals significant insights into Bengaluru’s traffic situation, ranking it sixth globally in terms of congestion. Global Ranking and Trends Bengaluru, which held the second position in 2022, slipped to sixth place in the global ranking of the most congested cities. The average time to cover a distance of 10 km in Bengaluru improved slightly from 29 minutes in 2022 to 28 minutes and 10 seconds in the past…

Railways Minister Ashwini Vaishnaw recently took to Twitter to share a captivating video, offering a glimpse of the enchanting beauty along the Baramulla-Banihal section. The footage captures a train gracefully navigating through the snowy landscape, creating a mesmerising spectacle that has captured the hearts of viewers. The video showcases the Baramulla-Banihal section amidst a frosty snowfall, revealing a serene and picturesque panorama. The train glides through the snow-covered terrain, surrounded by majestic mountains and trees, creating a magical ambiance that showcases the harmonious coexistence of modern infrastructure and nature’s winter wonderland. Journey Through the Himalayas The Baramulla-Banihal section is renowned…

Following Meta’s quarterly results far exceeding Wall Street’s expectations, the net worth of Facebook’s co-founder soared by $28.1 billion, reaching $170.5 billion, surpassing Bill Gates to claim the fourth spot on the Bloomberg Billionaires Index. This marks a significant rebound for Zuckerberg, whose wealth had plummeted to below $35 billion in late 2022 amidst a tech stock collapse due to inflation and interest rate hikes, only to surge back in 2023. Additionally, Zuckerberg stands to gain from Meta’s announcement of its first-ever dividend for investors, set at 50 cents per share for Class A and B common stock starting in…

Riyadh, February 1, 2024 – In a strategic move aimed at transforming its technological and manufacturing landscape, Saudi Arabia has announced the launch of Alat, a PIF-backed company with a mission to create 39,000 jobs and contribute $9.3bn to the Kingdom’s non-oil GDP by 2030. Building a Global Hub for Sustainable Technology Manufacturing Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud, the Prime Minister of the Kingdom of Saudi Arabia and Chairman of the Board of Directors of the Public Investment Fund (PIF), unveiled the ambitious plans for “Alat.” The PIF-backed firm aims to position Saudi Arabia as a global…

The Reserve Bank of India (RBI) has ordered Paytm Payments Bank Ltd to halt a bulk of its activities from February 29 due to multiple violations of regulatory norms. The move comes after repeated warnings from the banking regulator regarding various issues, including breaches related to anti-money laundering laws and related-party transactions. With regard to this, the industry reacts differently. But what is the actual story behind this chaos? According to sources familiar with the matter, who reportedly spoke on condition of anonymity, an RBI-conducted system audit into Paytm Payments Bank revealed significant lapses in adhering to anti-money laundering laws,…

In the dynamic landscape of professional growth, employees who leave an indelible mark on their workplace – whether through revenue generation or enhanced productivity – are poised to reap the rewards. According to recruitment and HR experts, these exceptional contributors stand a good chance of negotiating a salary increase, supported by a holistic approach that extends beyond mere financial considerations. Diversifying Compensation Packages Nicki Wilson, Managing Director of Genie Recruitment, highlights that negotiation isn’t limited to salary alone. She emphasises the potential for additional benefits, flexible working arrangements, bonuses, schooling support, job title upgrades, work incentives, allowances, or even share…

The Reserve Bank of India (RBI) disclosed that as of January 31, 2024, a substantial portion, accounting for 97.50%, of the ₹2,000 denomination banknotes in circulation since the decision made on May 19, 2023, has been returned. The total value of ₹2,000 banknotes in circulation, previously standing at ₹3.56 lakh crore on May 19, 2023, has witnessed a significant reduction to ₹8,897 crore by the conclusion of business on January 31, 2024, as per the official statement released by the central bank. It is important to note that despite the withdrawal announcement made in May 2023, the RBI underscored that…

Lakhpati Didi, as announced by Finance Minister Nirmala Sitharaman in her 2024 budget speech, is a transformative initiative aimed at empowering women through economic means. The term ‘Lakhpati Didis’ specifically refers to women who are members of Self Help Groups (SHGs) and have showcased entrepreneurial skills, leading to an annual household income of at least Rs 1 lakh. The initiative recognizes the pivotal role of 83 lakh SHGs, comprising nine crore women, in reshaping the socio-economic landscape of rural areas. These groups have been instrumental in enabling nearly one crore women to achieve the status of Lakhpati Didis, serving as…